July 6, 2009
[TSX: TVI]
TVI PACIFIC COMPLETES
FOURTH SHIPMENT OF COPPER CONCENTRATES FROM CANATUAN MINE
- 4th shipment brings total
expected gross revenues to US$21 million
- Shipment expected to generate
initial payment of US$4.48 million
- 19,124 dmt of copper
concentrates shipped from Sulphide operation
TVI Pacific Inc (TSX: TVI or the Company)
announced today that its Philippine operating affiliate, TVI Resource Development
(Phils.), Inc. (TVIRD), completed its fourth shipment of copper concentrates
from the Canatuan Mine on July 2, 2009.
Certain statements in
this News Release constitute forward-looking statements, including statements
respecting expected revenues, the intended use of funds generated from the sale
of copper concentrates produced at Canatuan and the anticipated timing and
quantities of future shipments of copper concentrates from Canatuan.
In accordance with the offtake arrangement
between TVIRD and MRI Trading AG (MRI), a shipment of approximately 5,282 dry
metric tonnes (dmt) of copper concentrates was shipped from the TVIRD warehouse
facility at Santa Maria
Port in Siocon, Zamboanga
del Norte. TVIRD is owed a partial payment, amounting to approximately
US$4.48 million or 90% of the initial estimated value of the cargo less
applicable deductions, for the copper concentrates shipped. Under the
offtake agreement, the final payment for the remaining sale price of the
concentrates is due once the final details relating to the weight, assays and
prices are determined. Funds generated from the concentrate shipments are
intended to be allocated by TVIRD towards working capital and debt service.
The offtake agreement provides that MRI
will purchase all of the copper concentrates produced at Canatuan over the
anticipated life of the sulphide operation. To date, the Canatuan Mine
has produced approximately 20,200 dmt of copper concentrate. Of this
production, 19,124 dmt have been shipped through the offtake agreement with
MRI, generating estimated gross revenues of approximately $21 million pending
final assay tests and prices.
It is anticipated that future shipments of
approximately 5,000 dmt to MRI will occur every four to six weeks depending on specific
shipping and marketing arrangements.
About TVI Pacific
Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded
Canadian mining company focused on exploring for, developing and producing
precious and base metals within district-scale systems in the Philippines.
The Company’s interest in the Canatuan Mine and its other Philippine
assets are held through its affiliate, TVI Resource Development (Phils.)
Inc.
Further Information: Investor
Relations ? 403-265-4356 or tvi-info@tvipacific.com
Certain information
set out in this News Release constitutes forward-looking information.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will",
"intend", "could", "might", "should",
"believe", scheduled, "to be", "will be" and
similar expressions. Forward-looking statements in this News Release are
based upon the opinions and expectations of management of the Company as at the
date of such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that those expectations will
prove to have been correct. Forward-looking statements are subject to
certain risks and uncertainties (known and unknown) that could cause actual
outcomes to differ materially from those anticipated or implied by such
forward-looking statements. These factors include, but are not limited
to, such things as the volatility of prices for precious metals and base
metals, commodity supply and demand, fluctuations in currency and interest
rates, inherent risks associated with the exploration and development of mining
properties, ultimate recoverability of mineral reserves, timing, results and
costs of exploration and development activities, availability of financial
resources or third-party financing, new laws (domestic or foreign), changes in
administrative practices, changes in exploration plans or budgets, and
availability of equipment and availability of personnel. Accordingly,
readers should not place undue reliance upon the forward-looking statements
contained in this News Release and such forward-looking statements should not
be interpreted or regarded as guarantees of future outcomes. Forward-looking
information respecting the intended use of funds generated from the sale of
copper concentrates produced at Canatuan is based upon TVIRD's current budget
and overall strategy for Canatuan, which plans, budget and strategy are all
subject to change and current and anticipated financial obligations of TVIRD,
including the terms and repayment schedules associated with the term loan
facility between TVIRD and LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special
Situations Master Fund Ltd. Forward-looking information respecting the
anticipated timing and quantities of future shipments of copper concentrates
from Canatuan, is based upon current production of copper from the Canatuan
mine, the terms of the third party offtake agreement for the purchase of copper
concentrates produced at Canatuan, the processing capabilities of the Canatuan
mine, the availability of transportation for the shipment of copper
concentrates produced at Canatuan, estimates of the size of the copper reserves
at Canatuan, the current development plan for Canatuan and TVIRD's current
budget and overall strategy for Canatuan, which plans, budget and strategy are
all subject to change. Forward looking statements regarding expected revenues
are based on the payments received to date for the first three concentrate
shipments and TVIRD's current budget and overall strategy for Canatuan, which
plans, budget and strategy are all subject to change. The forward-looking
statements of the Company contained in this News Release are expressly
qualified, in their entirety, by this cautionary statement. Various risks
to which the Company and its affiliates are exposed in the conduct of their
business (including mining activities) are described in detail in the Company's
Annual Information Form for the year ended December 31, 2008, which was filed
on SEDAR on March 26, 2009, and is available under the Company's profile at
www.SEDAR.com. Subject to applicable securities laws, the Company does
not undertake any obligation to publicly revise the forward-looking statements
included in this News Release to reflect subsequent events or circumstances.
The Toronto
Stock Exchange has neither approved nor disapproved of the information
contained herein.
2000, 736 ? 6 Avenue
S.W. Calgary, Alberta T2P 3T7 Tel: (403)
265-4356 Fax: (403) 264-7028
Website: http://www.tvipacific.com
E-mail: tvi-info@tvipacific.com